Aside from its aviation operations – the bulk of its business – it makes components for the power generation, oil and gas, and mining industries. Alcoa is a global giant which mines bauxite to smelt during aluminum production and also manufactures complex metal goods, such as wheels for haulage lorries and aircraft fuselages.

The group yesterday said it expected the takeover to raise its aerospace revenues by 20 per cent, to around £2.8bn a year.

It is not the first time Firth Rixson has changed hands. The firm was bought by Oakhill and Neuberger Berman in 2007 for £945m when it was offloaded by Lehman Bros and Carlyle.Excepteur sint occaecat cupidatat non proident, sunt in culpa qui officia deserunt mollit anim id est laborum.